VCCDC Receives Rapid Response Relief Award from CDFI

We are excited to announce that VCCDC has been awarded $330,000 through the CDFI Rapid Response Fund. CDFI RRP awards reach a wide variety of low-income communities across the United States impacted by the COVID-19 pandemic.

“In serving places that the financial sector historically hasn’t served well, CDFIs lift our whole economy up. We know that for every dollar injected into a CDFI, it catalyzes eight more dollars in private-sector investment, meaning that today’s announcement might lead to an additional $10 billion in investment,” said Secretary Janet Yellen. “The President and the Vice President ran on a very ambitious agenda – ‘Build Back Better,’ unwinding systemic racism, creating an economy that works for everyone. I believe this is what that looks like in practice. By channeling more capital into CDFIs, we are translating those ideals into reality.”

The CDFI RRP grant funds will be used to support our financial products and services at VCCDC. The CDFI Fund designed the program to disburse the funds rapidly in light of the nationwide economic impacts of the COVID-19 pandemic.